We'll share simple but life-saving tips for small businesses and freelancers on business banking.

Why is it preferable to open a new business in Cyprus?

Why is it preferable to open a new business in Cyprus?

Cyprus is a country preferred by those who want to establish a new company recently. One of the most important reasons is that Cyprus has a safe and reliable reputation. At the same time, this country attracts the attention of those who want to start a business with taxation agreements and tax plans. Low corporate tax is also a great advantage for newly established companies in Cyprus. Besides, the procedure to open a company in Cyprus is easy. All processes can be easily completed in just a few working days.

How Can You Open a New Business in Cyprus?

When making your application to establish a company, you must prepare the required documents. Preparing your documents completely speeds up your company establishment process. Your documents must be complete in order for your application to establish a company to be approved. Below is a list of documents you need for company formation:

Company type;

Business scope;

Registry office;

Capital statement;

Memorandum and Articles of Association (MAA).

After completing your documents, decide on your company name. Check if the company name you have chosen is a unique name for Cyprus. If your chosen name is similar, your application will be rejected.

If you are sure that your documents are complete as a result of all checks, you should submit your file to the Registrar of Companies in Cyprus and wait for its approval. The company formation process in Cyprus usually takes a maximum of 5 working days.

Tips You Should Know Before Opening a Business In Cyprus

Language Barrier: The Greek language is used in all regulations and procedures related to government projects. Business owners should guard against potential conflicts and misunderstandings. It would be beneficial to apply with a translator or someone who knows the Greek language.

Bank account: Every company established in Cyprus must have a bank account. Cyprus banks do a very thorough assessment and have strict procedures. Opening a bank account can be difficult and time consuming for businesses. If you do not want to encounter this problem, you can consider opening a wamo account for your business. wamo offers digital banking solutions. With the wamo account, which supports you to create a business account in just 10 minutes, you can make all your business payments, receive payments, make your transfers and manage your expenses. For more information about wamo business accounts, you can visit wamo.io.

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Jamie Larson